Since 2022, over 80% of newly developed real estate units in Dubai have been sold out, demonstrating the emirate’s continuously strong demand for off-plan developments.
Since 2022, hundreds of billions of dirhams’ worth of real estate projects have been introduced in Dubai by both domestic and foreign developers. Based on data from the Dubai Land Department, 148 out of the approximately 214 projects that have started are ongoing. Much talk has been made regarding the flood of new products being released and the possible cooling effect on prices, as supply may once more begin to exceed demand. Taimur Khan, head of research for CBRE’s Middle East division, stated that “the absorption of new stock sits at markedly high levels, where our headline analysis shows at least 70% of units launched since 2022 have been sold to date.
End users and residents looking to purchase their own homes are the main drivers of Dubai’s persistently high residential market demand. The majority of inhabitants choose to purchase to avoid the soaring rental market and the influx of wealthy individuals into the emirate. According to CBRE, the total volume of transactions in May 2024 was 15,766, the highest monthly amount ever recorded and a 44.2% increase over the previous month.
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